Again, it was a bullish week for Nigerian stock market investors. The positive momentum sustained from the beginning of the month crawled into the week in what has been described as the “Santa Clause Rally”. This generally led to investors gaining big.
Similarly, investors in stocks worth over one trillion (SWOOTs) also gained, as the drive in the market cap was especially driven by BUAFOOD, BUACEMENT. On the other hand, MTNN and DANGCEM declined for the period and AIRTELAFRI remained unchanged.
During the week, the combined market capitalization of the SWOOTs appreciated by 0.98% to close at N19.65 trillion from N19.46 trillion the previous week, reflecting a gain of N191 billion. Stocks included in this classification are AIRTELAFRICA, BUA CEMENT, DANGOTE CEMENT, BUAFOODS and MTNN Plc.
The SWOOTs performance for last week is detailed below.
Bua Cement Plc – N97.75: Bua Cement’s share price appreciated by 6.60% at the end of the trading week to a value of N97.75 compared to the N91.7 at the end of last week while its market cap stood at N3.3 trillion from N3.12 trillion to gain a total of N204.88 billion.
The company’s Q3 2022 financial report revealed revenue of N74 billion, reflecting a growth of 18.21% from N62.63 billion in 2021. Meanwhile, profit after tax dipped by N9.86 billion, reflecting a 44% decrease from N22.51 billion recorded in the corresponding period of 2021, to N12.65 billion in the current period.
MTNN Plc – N214.00: MTNN Plc’s share price depreciated by 0.47% to close at N214.00 per share taking its market capitalization to N4.36 trillion at the end of the trading sessions of the week. As a competitor of Airtel Nig Plc, MTN’s total market capitalization is N1.24 trillion lower than Airtel Africa’s current market value.
MTNN Plc is the third-most capitalized company on the Nigerian Exchange (NGX). The company released its Q3 2022 financial result, reflecting a 21.9% growth in revenue to stand at N504.8 billion for the period, from N414.05 billion, while profit after tax grew by 11.4% from N78.48 billion in H1 2021 to N87.41 billion in the current period.
Dangote Cement Plc – N261.00: Dangote Cement Plc’s share price ended the week declined to N261.00 from N262.30 at the end of the last trading week.
The company, which is a competitor of Bua Cement Plc and Wapco Plc, and the most capitalized cement producer on the NGX, has a total Market capitalization of N4.45 trillion as of market close this week.
Dangote Cement Plc is currently the second most-valued company quoted on the exchange and makes up roughly 22% of the total market capitalization of all stocks worth over one trillion.
The Q3 2022 financial result revealed a profit of N40.50 billion, representing a 52.67% dip from the N86.6 billion Y-o-Y. Meanwhile, revenue for the period stood at N369.21 billion, an 11.3% increase from the corresponding period of 2021.
BUA Foods Plc – N65.00: BUA Foods Plc share price appreciated to close the week at N65.00 from the N63.40 it closed last week. Similarly, the market cap appreciated by 2.52% to stand at N1.17 trillion from N1.14 trillion at the end of the trading week.
BUA Foods posted a net profit after tax of N68.76 billion in 9 months of 2022, a 17.2% increase from N58.7. Revenue for the period was N290 billion, from N241 billion in the same period last year.
Airtel Africa Plc – N1,488.00: Airtel Africa Plc’s share price remained unchanged to close at N1,488.00 while its market stood at N5.59 trillion at the end of the trading week.
Airtel Africa Plc ended the week as the most capitalized company on the exchange once again, leading the SWOOTs strongly, with MTNN (its competitor and third-most capitalized stock) far behind.
The telecom giant released its financial statement for half the year ended September 2022 revealing a profit after tax of $330 million, lower by 1.5% due to higher foreign exchange and derivative losses of $160 million.
Similarly, its reported strong revenue growth in constant currency was posted across all four reporting segments as Mobile Services revenue in Nigeria grew by 19.7%, in East Africa by 12.4% and in Francophone Africa by 12.1% (and across the group by 15.6%, with voice revenue up by 12.0% and data revenue up by 22.1%).
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